BAKU, Azerbaijan, December 13. Global liquids supply growth is anticipated to drop by 1 mb/d year-on-year in 2024, Trend reports.
According to the data provided by the US Energy Information Administration Agency (EIA), world crude production is forecast to increase by 0.6 mb/d.
This also marks a reduction of 0.4 mb/d in expected growth for 2024 compared to last month's projection.
As the EIA noted, the downward adjustment is mainly attributed to lower anticipated production from OPEC+ and a slight decrease in expected production growth in the US.
At the same time, the agency pointed out that the growth in global crude oil supply for 2023 has been restricted due to voluntary production cuts by Saudi Arabia and reduced production targets from other OPEC+ countries.
Meanwhile, according to the EIA's forecast, global liquid fuels consumption is set to rise by 1.8 mb/d in 2023, and a further 1.3 mb/d in 2024. The majority of the anticipated growth in liquid fuels demand comes from non-OECD Asia, with China and India leading the way.
